commissioners, Christian Wilt secretary, as follows :
At St. Louis, by Robert Simpson ; at St. Charles, by
Uriah J. Devore ; at Ste. Genevieve, by Thomas Oli-
ver ; at Mine a Breton, by Moses Austin ; at Cape
Girardeau, by Joseph McFerron ; at New Madrid, by
John La Vallee.
In December, 1814, Thomas F. Riddick, Risdon H.
Price, and John Cromwell, on the part of the com-
missioners, gave the public notice that
" on the 15th of December instant subscription books will be
opened at St. Louis, St. Charles, Herculaneum, Mine a. Breton,
and Ste. Genevieve, in the Missouri Territory, and at Kaskaskia
and Cahokia, in the Illinois Territory, under the direction of
William Smith, Theodore Hunt, and Edward Hempstead, at
St. Louis; Nathaniel Simonds and Jesse Morrison, at St.
Charles ; John W. Honey and Elias Bates, at Herculaneum ;
Moses Austin and William H. Ashley, at Mine a Breton ;
Joseph Pratte and William Shannon, at Ste. Genevieve; Pierre
Menard and AVilliam Morrison, at Kaskaskia ; Nicholas Jarrot
and John Hay, at Cahokia, for the purpose of receiving sub-
scriptions for stock in the Bank of St. Louis. A copy of the
articles of the association will be found in the hands of each of
the commissioners above named, the books to continue open
for three months ; shares at one hundred dollars each."
It was the first bank established in Missouri, and
was organized on Sept. 2, 1816, with the following
directors : Samuel Hammond, William Rector, Ber-
nard Pratte, Risdon H. Price, Moses Austin, Theo-
dore Hunt, E. B. Clemson, Justus Post, Robert
Simpson, Charles N. Hunter, Walter Wilkinson,
Theophilus W. Smith, and Elias Bates. On the 20th
of September, Col. Samuel Hammond was elected
president, and John B. N. Smith cashier. The capi-
tal stock was one hundred thousand dollars.
For over a year the bank was a most popular institu-
tion. It created an extraordinary impetus in business
circles, encouraged the public mind, and was every-
where regarded as a most excellent enterprise. Early
in 1818, however, there was a reaction, caused, it is
said, by speculative and unsafe investments on the
part of the management, and the stockholders and
directors became divided. The antagonism finally
culminated in a rupture in the board, and the seizure
of the bank property by what was known as the
Thomas H. Benton faction among the stockholders.
These proceedings are fully set forth in the subjoined
protest in the interest of the ousted officials, bearing
date Feb. 13, 1818:
" TERRITORY OF MISSOURI. }
' \ s.
COUNTY OF ST. Louis. )
" I, Joseph V. Gamier, a notary public in and for the county
of St. Louis, in the Territory aforesaid, duly commissioned, at
the request of the president and directors of the Bank of St.
Louis, stating among other things that on Wednesday, the llth
day of February inst., a meeting of the board of directors of
said bank being held at the banking-house of said bank (being
discount day) after the business of the day had been gone
through, a certain resolution was offered by Joshua Pilcher, a
director, supported and seconded by Elias Rector, also a direc-
tor, having for object the removal from office of cashier of said
bank of John B. N. Smith, which being carried in the affirma-
tive by a majority of two (ten of the directors being present),
a motion was made by the said Joshua Pilcher that the board
proceed to the appointment or election of a cashier, which being
also carried, the board proceeded to the election of a cashier,
when, after two ballots without effect, on the third ballot The-
ophilus W. Smith was declared duly elected the cashier of the
said Bank of St. Louis by a majority of four votes, three votes
being in the negative and seven in favor of the said Theophilus
W. Smith. That upon the result of the election being made
known, three of the directors then present, to wit, the said
Joshua Pilcher, Elias Rector, and Robert Simpson, tendered
their resignation as directors of the said bank, which being re-
corded, their seats as directors of the said bank were declared
vacated, and an entry of the same was made on the minutes of
the proceedings of the said board of directors. That shortly
after a tumultuous assemblage of persons was seen in and about
the banking-house of said bank, instigated, it is supposed by
the said Joshua Pilcher and Elias Rector, in consequence of the
said election and appointment of the cashier as aforesaid, and
for no other cause as is verily believed. That the said Joshua
Pilcher, Elias Rector, Thomas H. Benton, Lieut. James McGun-
negle (of the army of the United States), Thompson Douglass,
Stephen Rector, Thomas Handy, John Little, Jeremiah Con-
nor, Taylor Berry, and Col. Daniel Bissel, also in the army of
the United States, with others, at present unknown, did, as they
also believe, enter the banking-house of the said bank with an
intent forcibly to wrest from the president, directors, and officers
of the said bank the possession thereof; and did actually then
and there pass a resolution to possess themselves of the keys of
the outer doors of the said bank, and did accordingly, or one of
them for the whole and in the name of the whole, actually take
possession of the same, and, having ordered out the subordinate
officers of the bank, did lock up the doors thereof. The said
president and directors further state that the aforesaid Joshua
Pilcher and others did afterwards assemble near the said bank-
ing-house at the counting-room of the said Joshua Pilcher, and
then and there demanded of the president the delivery by him
of the keys of the vault of the same, which being refused, they
did afterwards, on the evening of the same day, again assemble
together, when the following resolution was adopted, to wit:
' Resolved, That a committee of five persons be appointed to
take charge of the keys of the bank and to have the custody of
the banking-house, and deny admittance to the said governing
directors and their officers, and will assist in putting them out
if they gain admittance by any means,' a copy of which was
left by the said Joshua Pilcher and Jeremiah Conner with Eli
B. Clemso/i, the president pro tern., legally appointed by the
president, who was prevented from attending by indisposition.
They, the said Pilcher and Connor, in conjunction with Thomas
H. Benton, having previously declared to the said Theophilus
W. Smith, the cashier of the said bank, that it was their deter-
mined intention to carry the said resolution into effect should
an attempt be made to regain the possession of the said bank
and banking-house, which said declaration and threats thus
made by the said Pilcher, Connor, and Benton, for themselves
and on behalf of the aforementioned Elias Rector, James Mc-
Gunnegle, Thompson Douglass, Stephen Rector, Thomas Hanly,
John Little, Taylor Berry, and Daniel Bissel, the said parties thus
protesting had no doubt and verily believed would be carried
into execution should an attempt be made at regaining the
possession of the said bank and banking-house, whereby and
wherefor all attempts at the same have by the said protesting
HISTORY OF SAINT LOUIS.
parties been thought useless and even dangerous. Afterwards,
to wit, on the 12th day of the same month, Theophilus W.
Smith, the cashier of the said bank, made of the said Joshua
Pilcher, Thomas H. Benton, and Jeremiah Connor a demand of
the keys of the said bank, which were denied him ; Col. Eli B.
Clemson, the president pro tern., also made a demand of the keys
aforesaid of the said Joshua Pilcher, and the same were refused
and denied him ; whereby the said president and directors and
the subaltern officers of the said bank have been prevented from
attending to the duties of their respective appointments, to the
great damage, prejudice, and detriment of the said Bank of St.
Louis, the stockholders thereof and all others concerned, either i
directly or indirectly, with the same.
" Whereupon I, the said notary, at the request aforesaid, have
and do hereby protest against the said Joshua Pilcher, Elias
Rector, Thomas H. Benton, James McGunnegle, Thompson
Douglass, Stephen Rector, Thomas Hanly, John Little, Jere-
miah Connor, Taylor Berry, and Daniel Bissel, and all others
concerned, for all the damages, losses, interests, and costs suffered
or to be suffered by the said president and directors of the Bank
of St. Louis, the stockholders in the said bank, whether collec-
tively or in their individual capacity, and all others concerned
in business with the said bank of whatever nature soever, in
consequence of or resulting from the taking possession by the
said Joshua Pilcher, Elias Rector, Thomas H. Benton, James
McGunnegle, Thompson Douglass, Stephen Rector, Thomas
Hanly, John Little, Jeremiah Connor, Taylor Berry, and Daniel
Bissel of the said Bank of St. Louis and the banking-house
thereof, and the keeping out of the same the said president and
directors, and thereby putting a stop to and preventing the
carrying on of the business of the same and exposing it to dis-
Legal proceedings were instituted against those who
took forcible possession of the bank, and on February
20th following it was announced that " the banking-
house of the Bank of St. Louis having been restored
to the possession of the board of directors by the in-
dividuals in whose possession it has unlawfully been,
the public are hereby notified that the bank will be
open for business as usual on Monday, the 23d day
of February inst., at ten A.M. By order of the board.
S. HAMMOND, President."
On March 3d following the opposition party pub-
lished the following protest :
" To THK PUBLIC : Whereas, a notice was given by the presi-
dent and directors of the Bank of St. Louis to the public that
the Bank of St. Louis would open on Monday, the 23d inst., for
the transaction of business ; and whereas that period has passed
without his notification having been complied with, but another
advertisement has been published, notifying the public that the
Bank of St. Louis would remain closed until the 10th March
next, stating among other reasons for such a measure that ' it
is believed' (by the president and directors) 'that a combina-
tion has been formed for the purpose of embarrassing the pro-
ceedings of said bank, which combination still exists,' the un-
dersigned, stockholders in the said bank, being fully satisfied
that no such combination has ever existed, and that this is
only a pretext of the said president and directors to shield
themselves from the imputation such a proceeding was calcu-
lated to draw upon them from the public, and also to give an
additional coloring to the proceedings of the llth and 12th
inst., and being also convinced that no substantial cause exists
for the adoption of such a measure by the said president and
directors, we do therefore most solemnly protest against such a
proceeding on the part of the said president and directors as
calculated materially to injure the interests of the stockholders
in said bank ; we do also further protest against the manner in
which the business of the said bank is at present conducted, by
keeping the doors closed and refusing the payment of their
paper, at the same time receiving payments from many indi-
viduals who are obliged to enter the banking-house by a private
door for that purpose.
"Stephen Rector, Thompson Douglass, Joshua Pilcher, Elias
Rector (agent for William Rector), Thompson Douglass (at-
torney for Risdon H. Price), J. McGunnegle, J. McGun-
negle (attorney for Daniel Bissell), Taylor Berry, T. H.
Benton (for self and Thomas Wright), John Little,
"ST. Louis, Feb. 26, 1818."
On March 12, 1818, the board of directors, through
S. Hammond, president, issued a notice that " the
public mind having become tranquillized, the Bank of
St. Louis opened for business on Tuesday last, re-
deemed its paper in specie, and the public are hereby
notified that it will continue to redeem its paper in
specie on its presentation." 1
After the disagreement of February, 1818, the
bank continued to decline until July, 1819, when it
finally collapsed, to the serious disadvantage of its
stockholders. On July 12, 1819, the following notice
declared the suspension of the first bank established
in St. Louis :
"The directors of the Bank of St. Louis, finding that the
operation of the bank cannot be continued either with profit to
the stockholders or advantage to the community, have deter-
mined to suspend the business of the bank. A general meeting
of the stockholders has therefore been called to take into con-
sideration the propriety of continuing or closing finally its con-
cerns; and in the mean time, to save the creditors of the bank
from losses or unnecessary delay in the liquidation of their de-
mands, the directors have made specific assignments of the
effects of the bank, appropriating them so as to discharge the
debts due by the bank as promptly as possible.
" The Bank of St. Louis, after a suspension of business for
!The directors of the Bank of St. Louis prior to the 8th of
December, 1817, for that year were Samuel Hammond, Robert
Simpson, Thompson Douglass, Justus Post, Thomas Wright,
Risdon H. Price, Moses Austin, William Rector, Eli B. Clemson,
J. B. N. Smith (cashier), Joshua Pilcher, Samuel Perry, Theo-
dore Hunt, Elias Bates; after Dec. 8, 1817, until Feb. 11, 1818,
Samuel Hammond, Justus Post, Joshua Pilcher, Walter Wil-
kinson, James Mason, Moses Austin, Elias Rector, Eli B. Clem-
son, Nathaniel B. Tucker, J. B. N. Smith (cashier), J. J. Wil-
kinson, Robert Collet, Elias Bates, Robert Simpson ; after
Feb. 11, 1818, to Dec. 14, 1818, Samuel Hammond, Walter Wil-
kinson, Justus Post, Nathaniel B. Tucker, Eli B. Clemson,
Theophilus W. Smith, James Mason, Rufus Easton (two
vacancies), J. J. Wilkinson, Stephen F. Austin, Elias Bates,
Theophilus W. Smith (cashier); from Dec. 14, 1818, Risdon
H. Price (president), Stephen F. Austin, Rufus Easton, Fred-
erick Dent, Jesse G. Lindell, Samuel Hammond, John Nivin,
Samuel Perry, John Hall, Robert Simpson, Eli B. Clemson,
James Clemens, Jr., Paul Anderson.
BANKS, AND OTHER FINANCIAL INSTITUTIONS, AND BANKERS. 1387
about twelve months, resumed operation on the 3d of March
last, under the expectation on the part of the directors of being
able, if not to continue the operation of the bank successfully,
at least to collect the debts due the bank, and pay the claims
against it more promptly than while in a state of suspension.
The first object of the directors, therefore, was to acquire a
fund on which to commence temporarily until the bank could
collect the debts due to it.
" By order of the board of directors.
" RISDON H. PRICE, President."
Branch Bank of the United States. In the year
1829 a branch of the Bank of the United States at
Philadelphia, chartered by Congress in 1816, was estab-
lished in St. Louis with the following officers : John
O'Fallon, president, William Clark, Thomas Biddle,
Peter Lindell, William H. Ashley, John Mullanphy,
George Collier, James Clemens, Jr., Matthew Kerr,
Pierre Chouteau, Jr., and Edward Tracy, of St.
Louis, Samuel Perry, of Potosi, and Peter Bass, of
Boone, directors ; Henry S. Coxe, cashier ; George K.
McGunnegle, clerk ; and Thomas 0. Duncan, teller.
John O'Fallon was re-elected in 1830, 1831, 1832,
and 1833, and after the latter date we find no account
of the institution, which succumbed about that time
to the embarrassments growing out of the determined
hostility of President Jackson's administration to the
parent bank at Philadelphia.
The directors during these years were as follows :
1830, John O'Fallon, William Clark, Thomas Biddle,
William H. Ashley, John Mullanphy, George Collier,
James Clemens, Jr., Pierre Chouteau, Jr., Edward
Tracy, Jesse G. Lindell, John Kerr, Louis Valle", of
Ste. Genevieve, John Bull, of Chariton ; 1831, John
O'Fallon, John Mullanphy, George Collier, Jesse G.
Lindell, Bernard Pratte, John W. Johnson, Thomas
Biddle, William H. Ashley, John Kerr, Daniel D.
Page, Charles Wahrendorff; 1832, John O'Fallon,
John Kerr, Jesse G. Lindell, Daniel D. Page, Bernard
Pratte, John W. Johnson, John H. Gay, James Clem-
ens, Jr., Henry Von Phul, Peter Powell, Edward
Tracy ; 1833, J. O'Fallon, D. D. Page, B. Pratte,
Sr., J. H. Gay, J. Clemens, Jr., H. Von Phul, E.
Tracy, G. Collier, J. Mullanphy, A. Kerr, A. Gam-
ble. On the 12th of March, John O'Fallon was
unanimously re-elected president.
The affairs of the branch bank in St. Louis were
conducted with the strictest integrity, and the directors
never forfeited the confidence reposed in them by the
The Bank of the State of Missouri 1 was chartered
in 1837, the act of incorporation being signed Feb-
ruary 1st of that year. On that day, in the evening,
1 The old Bank of Missouri was incorporated Feb. 1, 1817, as
heretofore stated, but had only a brief existence.
the election for president and directors took place, with
the following result : John Brady Smith, of St. Louis,
president of the parent bank ; Hugh O'Neill, Sam-
uel S. Reyburn, Edward Walsh, PMward Dobyns,
William L. Sublette. John O'Fallon, directors of the
Branch at Fayette: J. J. Lowry, president; W.
H. Duncan, J. Viley, Wade M. Jackson, James Ear-
eckson, directors. On the 20th of February a sub-
scription was opened for the $50,000 capital stock
required to authorize the subscription on the part of
'. the State, and $108,000 was realized. The capital
| stock was $5,000,000, and the State held one-third of
\ the amount. The bank purchased the house of Pierre
Chouteau, on Main Street near Vine, shortly after-
ward, and on April 15th began operations.
In June, 1837, the board of directors was com-
pleted by the appointment by Governor Boggs of C.
C. Detchemendy, of Ste. Genevieve, and Carty Wells,
of Warren, as directors on the part of the State. The
organization of the bank was then as follows: Presi-
dent, John Brady Spith ; Directors, Hugh O'Neil,
Edward Walsh, Samuel S. Reyburn, William L. Sub-
lette, Edward Dobyns, John Fallon, D. C. M. Par-
i sons, Thomas West, C. C. Detchemendy, Carty Wells
i (on the part of the State), George K. McGunnegle,
1 Theodore L. McGill (elected by the stockholders) ;
Cashier, Henry Shields.
John Brady Smith was one of the most efficient
officers the bank ever had. He remained at its head
for many years, and died March 17, 1864.
Mr. Smith accompanied his father to St. Louis at
; an early period, and was at one time one of the most
extensive and liberal merchants in St. Louis. As the
first president of the bank, he administered its affairs
with safety and liberality during several trying periods
of financial disaster. He was collector of the county
of St. Louis for several years, and at all times en-
' joyed the fullest confidence of his fellow- citizens.
On the 31st of July, 1837, the bank began issuing
its own paper, the lowest denomination of notes being
twenty dollars. In 1839 it suffered a serious loss in
the abstraction of one hundred and twenty thousand
dollars in foreign coin stored in its vaults, and
although an arrest and prosecution followed, and
every effort was made to recover the money, it was
without result. In 1857 the institution was reorgan-
ized under the general law of the State of that year,
and with its branches then had a cash capital of
three million two hundred thousand dollars. There
were eight branches, one at each of the following
places : Cape Girardeau, Palmyra, Canton, Fayette,
Springfield, Arrow Rock, Louisiana, and Chillicothe.
HISTORY OF SAINT LOUIS.
In 1866 the stock held by the State was sold, and
the bank was reorganized under the National Bank-
ing Act. Its title was changed to "The National
Bank of the State of Missouri," the stock of all of
the branches was consolidated with that of the parent
bank, and the institution began operations as a national
bank Nov. 1, 1866. The aggregate capital at the date
of this movement was $3,410,300. Col. James H.
Britton, formerly of the Third National Bank of St.
Louis, was elected president, Judge Barton Bates vice-
president, E. P. Curtis cashier. Under this manage-
ment the bank purchased all the water loan of five
million dollars in 1868. In June, 1876, it having
been found that the existing capital was too great to
be profitable, it was deemed expedient to reduce it to
two million five hundred thousand dollars.
Up to 1877 the National Bank of the State of
Missouri was believed to be the strongest, as it was
the oldest, institution of its kind in St. Louis. The
bank had been uniformly successful and % prosperous,
its business had been most extended, yet it had always
been conducted upon sound banking principles. It
had never made money fast, but had paid its semi-
annual dividends regularly. Of it it was said at this
time, " In the long course of years during which the
National Bank of the State of Missouri has been a
leader in the banking business of the West, it has
maintained its position in public confidence and es-
teem. It has survived panics and crises without being
disturbed, and when banks were tumbling down in
ruins on all sides this old and stanch institution stood
as solid as a mountain."
Among the early officials of the bank were some of
the most prominent men in the State. Its other presi-
dents besides Mr. Smith, before its organization under
the National Act, were Ferdinand Kennett, Bernard
Pratte, Joseph Charless, Edward Walsh, Robert Camp-
bell, James M.' Hughes, and Robert A. Barnes.
Mr. Barnes was born in Washington, D. C., Nov.
29, 1808. His father was Jesse Barnes, of Charles
County, Md., whose ancestor emigrated in 1662 from
the county of Norfolk, England, to the southern part
of Maryland, settling near the site of the present town
of Port Tobacco. His mother was Mary Evans, of
Prince George County, Md.
When thirteen years old he was placed in charge
of an uncle, Richard Barnes, of Louisville, Ky., from
whom he obtained his business education. Having
determined to make St. Louis his home, he removed
thither, arriving on the 17th of May, 1830, and has
resided there ever since.
In December, 1840, Mr. Barnes became a director
in the Bank of the State of Missouri, and was
continued as such until November, 1866, a period of
nearly twenty-six years, during the last eight of which
he was its president. In November, 1866*, as we have
seen, the institution became a national bank, when its
management passed into other hands. He was also a
director in various other corporations. Mr. Barnes
has never had any political aspirations, and has led
the quiet life of a private citizen. On the 28th of
January, 1845, he married Louise de Mun, third
daughter of Jules de Mun and Isabelle Gratiot.
There is no living issue of this marriage.
A large proportion of the subordinates of the old
Bank of Missouri were in its service for a long term
of years. Up to the year 1877 it had had only three
cashiers, Henry Shields, A. S. Robinson, and E. P.
Early in 1877 rumors became current to the effect
that the bank was embarrassed by reason of shrinkage
in the value of its securities. This led to an investi-
gation by the comptroller of the currency, which re-
sulted in an order for the election of a new board of
directors. At this election in May, 1877, four new
members were chosen, consisting of Hon. John B. Hen-
derson, N. S. Chouteau, Web M. Samuel, and H. S.
Mills. At the next meeting of the board after the
election it ordered an examination of the affairs of the
bank, appointing for that purpose the gentlemen
named above in conjunction with J. H. Britton, pres-
ident, and Barton Bates, vice-president of the bank.
The result was a unanimous vote to wind up the bus-
iness, either by securing the appointment of a receiver,
or by placing the bank in voluntary liquidation.
The failure of the bank created the greatest sur-
prise, as there were few persons in the West who
doubted its strength and solvency, and so strong was
the confidence placed in it that the city and State
funds were deposited in it. Its suspension was as-
cribed to the following causes :
In 1873, when the panic came, the bank found itself
in possession of many securities, real and personal,
which at the time were fully up to the values for
which they were pledged. Subsequently the shrink-
age in values was so great that the assets could not be
kept up to the standard. This depreciation was all
the more severely felt because of the general depres-